One point that surprised me when I went to the New Retail ’19 conference which is considered Australia’s largest retail gathering was directed I think at the medium to large retailers was the importance that these people saw in the Chinese market.
What became apparent is that almost every Australian retailers there is looking at this market, now are you?
Currently, Chinese students, tourists and residents are responsible for up to two-thirds of luxury retail sales in Sydney and Melbourne in some places like Far North Queensland even more.
Here are some more figures:
There are about 165,000 students of Chinese descent coming to Australia a year (31%), 17% of them have family investments in Australia and their total economic contribution in Australia is over $7 billion dollars.
There are about 28,000 migrants of Chinese descent coming to Australia a year (16%)
Australians of Chinese descent make up about 5.6% of the population.
And here is the big one, there are 1,425,800 Chinese tourists every year in Australia (15.5%), and they are big buyers almost twice as big as the average. Today Chinese tourists in Australia spend 26.5% of the tourist trade. In the retail sector, they spend about $2,500 each.
I think every retailer should have a China strategy?
Here is something you can do immediately, put up a welcome sign in Chinese like this one in your shop.
Then why not walk around your area and see what retailers are marketing to this market.
